Source: Jeff Bottari / Getty
Dave Portnoy is now the 100% owner of Barstool Sports after Penn Entertainment sold the entity back to him.
As spotted on CNBC, the American businessman has purchased the digital media company back. On Tuesday (Aug. 8), the deal was announced to the public. According to the news outlet, the terms of the sale have yet to be disclosed. Back in February the platform was evaluated at $600 million dollars by Penn Entertainment when they completed the acquisition of Barstool Sports. At the time of the full buyout Dave Portnoy expressed his enthusiasm via formal statement.
“Barstool Sports is bigger than ever and has become more than I ever dreamed of,” Portnoy said. “I’m very thankful to the Barstool team and Stoolies who have been along for the ride. I’m looking forward to this next chapter with PENN.”
In typical fashion he took to social media to give a much needed update to the Stoolies via what he deemed an emergency press conference. “As of this moment, while you are watching this video, I have purchased back Barstool Sports from Penn. For the first time in a decade, I own 100% of Barstool Sports” he said in a Twitter video.
He went on to give more detail on why the partnership didn’t work out. “We underestimated just how tough it is for myself and Barstool to operate in a regulated world where gambling regulators, The New York Times, Business Insider hit pieces f—ing with the stock prices every time we did something. It was one step forward, two steps back. The regulated industry is probably not the best place for Barstool Sports and the type of content we make.”
You can see Dave discuss things below.
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